50 Cent files for bankruptcy.

Glad he didn't get away with it just because he's a rich celebrity. I'm always glad when justice is being served.

I can't I fully understand the implication of him filing for bankruptcy.
 
Bankruptcy isn't necessarily because you're broke. It's because you want to keep people from touching your assets (temporarily).


He had to pay Sleek Audio 17 Million dollars, and then just got a judgement against him from Rick Ross' baby moms for 5 Million for that sex tape he put out on her.


So filing bankruptcy means that he doesn't have to pay right off (and courts can't freeze his assets or garnish his income), while he appeals the decisions.



That's all it means. Rich people do it ALL the time while they are in financial disputes.
 
Yup...

Says Fif’s attorney William A. Brewer III:
“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”



Hours after news broke that 50 Cent filed for bankruptcy, he spoke to E! about the proceeding.

I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.
Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving toward. I got a decent legal team. You don’t have to worry.
 
That's the great thing about setting up a corporation. Your business can only be sued. They can't touch your personal assets. He can set up new businesses with new names and still do business as well. He's just avoiding all that debt.
 
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50 Cent? Banktrupt? How on Earth? I thought the nigga was rich! How can this happen? Who is next? Jay Z? Puff Daddy?
 
From what im hearing he still has money just some of his brands and businesses lost money. So as a whole entity he has lost a lot, but as a person he is in the millions. Not sure tho.
 
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